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He was one of five children, having three older siblings: Emma Beatrice Rees-Mogg (born 1962), Prior to his birth, in 1964 the family purchased Ston Easton Park, a country house located near the village of Ston Easton, Somerset where Rees-Mogg grew up attending weekly mass and occasionally Sunday school at the Church of the Holy Ghost, Midsomer Norton.When Mogg was ten, he was left £50 by a distant cousin and his father, on his behalf, invested in shares in the now defunct General Electric Company (GEC).Somerset Capital Management is managed via subsidiaries in the tax havens of the Cayman Islands and Singapore.Rees-Mogg has defended offshore tax havens, and his vast wealth (£100m , with his wife, as of November 2016) Rees-Mogg first entered politics at age 26 during the 1997 general election when he was nominated as the Conservative Party candidate for Central Fife, a traditional Labour seat in Scotland.He was one of the directors of the Catholic Hospital of St John and St Elizabeth in London who were ordered to resign by Cardinal Cormac Murphy-O'Connor in February 2008 after protracted arguments over the adoption of a tighter ethical code banning non-Catholic practices such as abortions and gender reassignment surgery at the hospital.In The Guardian, Ian Jack had claimed that the selection of two such highly privileged candidates had damaged the Conservative Party's message of social inclusion, appearing to suggest that privileged candidates should be excluded.

A Eurosceptic, he campaigned for the Leave side in the 2016 referendum on membership of the European Union and subsequently joined pro-Brexit pressure groups Leave Means Leave and the European Research Group, becoming chairman of the latter.

Rees-Mogg was born into a rich family in Hammersmith, London, and was educated at the Dragon School and Eton College, then studied History at Trinity College, Oxford, and was president of the Oxford University Conservative Association.

He worked in the City of London for Lloyd George Management until 2007, then co-founded a hedge fund management business, Somerset Capital Management LLP.

He has been praised as a conviction politician whose upper-class mannerisms and consciously traditionalist attitudes are entertaining; he has been dubbed the "Honourable Member for the 18th century".

Rees-Mogg was born in Hammersmith on , the youngest son of William Rees-Mogg (1928–2012), a former editor of The Times newspaper, created a Life Peer in 1988, by his wife Gillian Shakespeare Morris, a daughter of Thomas Richard Morris, a Conservative party local government politician and Mayor of St Pancras in London.